Due to the significant growth of the virtual currency market, the NFA has proposed an interpretive notice to the CFTC invoking the “ten-day” provision and will make it effective 10 days after receipt of submission. The notice was put forth…
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Introducing Brokers and FCMs: Review AML Programs to Address Virtual Currency
The Office of Foreign Assets Control (OFAC), a division of the U.S. Treasury Department has published 5 Frequently Asked Questions addressing compliance obligations for virutal currency transactions. These FAQs define commonly used terms associated with virtual currency such as “digital…
Introducing Brokers and FCMs: Increased Customer Due Diligence Now Required
As of May 11, 2018 Introducing Brokers and Futures Commission Merchants will be required to have Customer Due Diligence procedures in place. These procedures must include obtaining information for all owners of legal entities opening accounts. These changes and updates…
AML Program Updates for FCMs, Introducing Brokers, & Broker Dealers
Effective May 11, 2018, enhanced Customer Due Diligence (CDD) requirements will be amended for certain financial institutions. This new CDD Rule amends current AML programs and adds a pillar to the current requirements within the AML Program. These updates apply to…